Hawaiian Electric Partners with Guggenheim Amid Wildfire Scrutiny and Lawsuits
Hawaiian Electric Industries (HEI) has engaged with boutique advisory firm Guggenheim Securities for financial advice following scrutiny over its role in the Maui wildfires, which caused a more than 50% drop in its market value. The utility company is seeking expert advice to position itself as a financially healthy local utility. The cause of the wildfires is still under investigation, but Hawaiian Electric has been blamed in class-action lawsuits for failing to shut off power lines despite warnings of high winds. Fitch downgraded Hawaiian Electric's credit rating to junk status, citing potential liabilities above $3.8 billion, while Bank of America Global Research cut its price target on the company.